Cybercrime is rising rapidly, takes more time to resolve and costs the financial services industry US$18 billion annually. The average cost of cybercrime for financial institutions increased US$1.4 million to US$13.0 million in the past year, according to a recent Accenture report.
The financial toll is set to escalate even further, with Germany’s stringent new regulation looming large on the horizon, which imposes GDPR-like fines for non-compliance.
Listen to this 10-minute chat with leading cybersecurity lawyer Dr Alexander Duisberg and regulatory technology expert David Noble, and get answers to these questions:
– How are financial services institutions coping with the growing number and complexity of global cybersecurity regulations?
– Are banks ready for the new German cybersecurity legislation, and is it likely to have broader impact across Europe – or indeed the rest of the world?
– What should you be doing to monitor regulatory change more effectively and assess its impact on your business?